Purpose The objective of this study was to conduct a comparative analysis of financial inclusion policies, regulatory frameworks and institutional strategies in the context of digital financial transformation across the BRICS countries, identifying advances, challenges and national patterns. Design/methodology/approach The research adopted a qualitative approach, using documentary analysis of official reports, strategic plans, regulatory documents and institutional analytical publications. The information was systematized through content analysis, enabling the identification of patterns, divergences and lessons across BRICS countries. Findings The analysis reveals three distinct trajectories of digital financial inclusion: (i) the State as architect, in China and Russia, characterized by centralized leadership; (ii) digital infrastructure as a public good, in India, where the state provides the technological foundation while the private sector drives innovation; and (iii) the paradox of sophistication and exclusion, in Brazil and South Africa, where the central challenge is converting formal access into effective use. The findings highlight the mismatch between access and use in countries with superficial inclusion, low financial literacy, and heightened risks of over-indebtedness, while also emphasizing the relationship between digitalization, sovereignty and sustainability, reflecting distinct national strategic priorities. Originality/value The study expands the literature on financial inclusion in the BRICS and provides practical lessons for other emerging economies, highlighting the importance of the state, public infrastructure, and the integration of social and educational policies. It also proposes a comparative analytical framework based on archetypes to guide policy formulation and future research on financial digitalization in emerging contexts.
Mendonça et al. (Mon,) studied this question.